Sunday, August 5, 2018

BY THE POET



SHADES OF LOVE AND LIFE


Sometimes we feel to express our love to the person who makes us feel like being in love with life. The person who makes us alive and everything in surrounding look like being in harmony taking us to a different world. We feel the heaven on the earth. But either we fear to express them in the thought of losing them or express them after losing them. Sometimes we express them through our eyes thinking that they would understand them or sometimes we express them opening the words of heart in front of them. This poem book is an attempt to express these emotions, feelings, and thoughts of all those persons who have spent some part of their lives in the world of love. The sad part of life is that sometimes love happens only to those who do not love us. We love someone who does not love us, and they loved someone who did not love them back. This is the sad part of life but still, life goes on and still we believe in love. This is luck which we name as destiny. This book is a collection of the plethora of such emotions, feelings, memories of love and life, touching people from different walks of life.


TWO HEARTS AND HUNDRED PEARLS

Love, dreams, heart, joys, and happiness- This book contains all the possible themes and much more. It touches themes on the days of the week, relationships, human emotions & moods, various seasons and every single word that we hear every single day by some means or other. We have tried to show the real beauty behind the words that are above their mere utterance. We know what its real worth is, but when we want to convey it, we normally don’t just in its true sense, we feel how to define them or express them. We have made a fair attempt to portray the inner side of you that you would want to convey to the world. In a way, each of these poems is a telltale of your own story. These are short poems that will tell you, sometimes a tale or will take you in your own life stories in rhythmic forms. Each poem is created in a unique way to give you some memorable references. The same theme has been presented in different thought process so that readers get the different taste from the same theme and connect them to their life. As the title says, the book is completed in 100 days with 100 versatile themes. The best part of this venture of the two writers is, you will get the essence of the variety of feelings in this single book. Some poems will make you plunge into a heartfelt smile on your face, some will take you to a few moments of your memories, some will make you emotional, and some will take you in your own imaginary world. Efforts are made to craft each poem, short and simple in its own way. Different poetic styles are followed in different poems to add vivid colors to the book. We were most concerned to make this book age proof, whether you are a child, you will find your feelings in our own words. We always have our own world and our world is connected to your world. If you are at an age of par you will feel the immense pleasure of your whole life experiences and emotions. We have tried to put forth the best of words so as to touch your heart and soul and make you feel that the world is really beautiful.


SONGS OF SOUL
One late evening, I was sitting in my room, wondering how we keep treasuring our one moment to next moment. Such moments of life echo the sentiments attached to a different relationship with different people. Today, the trend has gone from joint families to nuclear families and then nuclear ones to loners. Life is not that awful as loners because it is no longer the image of a loner as isolated individuals who could not make out friends and social relationships. Rather, life is beautiful with social lives, helpful neighborhood, and constant touch with families. However, while enjoying the option of living alone focusing on work, careers, and ambitions, sometimes, a gap is found when people feel to express their happiness and sorrow to someone. There may be friends with you because loners are no longer lonely today. However, there may be a lack of words to express your heart feels the way you want. When we watch a movie, listen to a song, or read a novel, we say it is all about our life. How could the director know what we are feeling now? How the lyrics of the song match to the situation we are facing in our life? How do the writers know the incidents happened in our life? For a moment, we feel relaxed and cheerful thinking someone understood us very well as they have captured all colors, all heat, all the light of our life. Such people have a flair for understanding human emotions. I have made a small attempt through poetry to touch people’s heart and express their heart. This book is a collection of the loveliest words knitted with the threads of poetry. Each thread that took different colors of life. Its colors include serendipity, purity, lust, passion, pain, joy, beauty, bliss, romance, ecstasy, divinity, honesty, devotion, surprises, loyalty, compassion, dedication and hope. Through this book, I have tried to share the emotions of different people in different relationships. The poems are expressed from the point of view of a daughter, a poet, a lover or the beloved, a celebrity, sister, and most importantly as a human being. Different poems are in different forms and some of them are free verse. The book consists of a hundred poems with variations in length, format, and theme which can be linked up with our day to day life.  It mirrors about how a heart feels when it is happy and sad which has been put in pen and paper to take the reader to the world of thoughts.  If I had been able to express properly, I would give me a satisfaction of life that I have lived happily. 


MELLIFLUOUS
The Threads of Poetry Volume 1 (Duet Poem Anthology)
This book is a collection of poems with pleasing themes written with great care and passion. Each poem reflects occasions from different walks of life. Writing each poem was like a pleasing journey for me that showed diverse phases of life. The book is an endeavor to knot all pearls on the thread of words such as beauty, beliefs, commitment, dedication, desire, destiny, ecstasy, faithfulness, happiness, hopefulness, imaginations, kindness, passion, pureness, spirituality, and trustworthiness and many more. This is my first attempt to write duet poems with other poet friends. All the poets have penned their thoughts in a beautiful manner beyond words to praise it. Many evenings, I wandered across my thoughts to initiate something interesting in poetry. I had a feeling in my heart that the poetic path will be more exciting if traveling with a co-poet having new ideas and creativity. Riding towards different themes, we have successfully completed fifty poems. All the poems are unique in the sense that it had an emotional connection with the real-life experiences, thoughts, and inspirations, giving rise to multiple interpretations. It was a really great experience to pen poems with the notable poets. Writing poems always rejuvenates me.  While starting with the duet poem, to bring uniformity I just focused on themes surround towards the title of the anthology “mellifluous” and chose title based on situations for specific poets after discussing with them regarding the topics that will be comfortable for them.  I have given more emphasis on poems conveying happiness rather than sorrow to any reader who reads this book. I did not want poems to remind people of their pain and sufferings. The world is already in full of pain and I feel they want some breaking hours to free themselves from pain. So, the poems included in the book are related to themes that would leave people with some cheerful and positive vibes. One thing I will always cherish about writing this book is that all my co-poets are incredible persons as they have always considered me as a friend and appreciated my efforts. I never imagined that I will receive so much love and affection from my talented co-poets. The world of poetry is beautiful and brighter with the lights of words because of such gifted poets. Writing poems always rejuvenates me and my co-poets. I hope this book “Mellifluous” would have a similar effect on the readers.


Saturday, August 4, 2018

I AM A FEARLESS BIRD SAID THE BARD

Over the years
I have stolen millions of hearts writing about love
I enticed my audiences with my elegant looks
Freely flying very high on the sky
I aimed to reach those fascinating stars
And they saw me shinning like a star

They saw my external beauty
Let me show them my internal struggles
From childhood days to days of wisdom
The tough times and the days of fame
When I always reinvented myself
And sustaining the harsh winds striking against me

My life experiences are deep and intense
The wounds in my heart are deeper than your look
Wrapped in a strong smoke of secrets
No one knew I crave for love my entire life
True love that I deserve, the love I write about

They see me as a loner as I fly alone
But did anyone dare to reach the sky?
I have fallen down a thousand times over
But I stood up myself stronger than ever before
I survived many storms that fine-tuned me to write better

I am natural, spontaneous, resilient and bold
With dark-skinned feathers that holds strength
A paradigm of charisma and a stellar epitome of courage
My limitless spirits show my gracefulness
With sheer aplomb to fascinate people every day

Because I wear a heart of gold
Opening the doors of love and affection
Every day is a rebirth to discover new
Everything I write is my choice
As from my heart, I portray the truth

I aim high, I dream, I put efforts into it
I love all the challenges that make me grow
I am a bird that knows disappointments are not eternal
Heartbreaks don’t make me die but give new birth
Want to fly like me? I am a fearless bird, a bard

N.M. Leepsa
July 28, 2018




Sunday, April 29, 2018

The Wedding Vows: Award Winning Poem

Poem: The Wedding Vows
Copyright: N.M.Leepsa

I promise if you cry I will hug you always,
And I promise to make you laugh.
I promise I will dance with you even if I don’t know to dance,
I promise to share your joy, my better half.

I promise I will let you do, things you like, like eating vegan food,
And I promise we will travel many places.
I promise to take selfies as you like photos,
I promise there will be smile always on our faces.

I promise I will be with when you are sick,
Even if I feel sick, with the thought of doctor’s clinic.
I promise I will hold your hand when you are in trouble,
I promise to improve you I will be your greatest critic.

I promise I will try my best to make your dream come true
The dream of you to become a popular singer
I promise I will never lie to you
Not even the break my commitment, to love you forever

I promise you will be in my thoughts when you're not around me.
I promise we'll be together again even if we fight
I promise you will be my first and last love,
The first person in my morning and last person in my night

I promise I will accept you for what you are
I will love you beyond this body and soul
Most importantly, I promise, in my heart, you will always remain
Not just this year, but all years to come, as you are special from rest of all.

https://soundcloud.com/n-m-leepsa/the-wedding-vows-by-nm-leepsa

https://www.youtube.com/watch?v=C1AOksQLyQw


Sunday, March 25, 2018

My Interview by B’School Forum April,2013 B'School-Newsletter


me:        Please tell me something about your life and career?
nmleepsa.iitk:   I am current working as guest faculty at LM Thapar School of Management, Thapar University, Patiala. I am a passionate reader and wholehearted writer. Recently, I completed my doctoral studies from Vinod Gupta School of Management, Indian Institute of Technology Kharagpur. My teaching and research interest lies in Mergers and Acquisitions, Corporate Finance and Management Accounting.
Born and brought up in Odisha (India), I did my schooling at Children’s Centre of Integral Education, Bhubaneswar, Odisha. My graduation days were at RD Women’s College, Bhubaneswar, Odisha. With the blessing of God, I was able to earn credentials in my academic career with three gold medals during my Masters, pursued at Utkal University, Bhubaneswar.
Writing had always been my passion since my childhood days when I made it a daily routine to jot down thoughts in my diary. Although, I had never thought of becoming a writer by profession, but my own ideas or those taken from magazines or newspapers kept the writer inside me always alive. I earned several accolades for writing since childhood which motivated me to publish my first book “Shades of Love and Life”. My poetry was first published in Scuzzy - VGSoM newsletter for its alumni. I won in valentine poetry contest orgainsed by Poet’s Corner in 2013. Few of my poems are accepted for publication in contemporary vibes magazine, national anthology series ' I am A Poet' and 'With Love’. The book review of my book “Shades of Love and Life” is accepted in Poet’s international magazine.

My parents, Mr. Nabaghan Jena and Mrs. Madhabika Jena have always extended their love, support and encouragement to pursue my career in spite of different adversities. They always provided me moral support in all my career decisions. I am thankful to my father, who always from my childhood suggested practicing writing. I am thankful to my mother, who always inspired to be involved in extra-curricular activities apart from academic studies. I am grateful to all those persons in my life who have filled in my heart different emotions to turn it into a poetic heart. I am thankful to God to bestow upon me the whole thing to turn me into a poet. One can know more about my articles at http://nmleepsa.blogspot.com. One can reach me at leepsa.writer@gmail.com or n.m.leepsa@gmail.com.

me :  How is the PHD scope available at Vinod Gupta Institute of Management and what all other courses available?
nmleepsa.iitk : The detail of PhD program is available at institute website (http://www.iitkgp.ac.in/). Apart from PhD, the school offers MBA, EMBA and MS program.
me : Please tell something about your thesis paper?
 nmleepsa.iitk : The thesis work is basically on “Mergers and Acquisition in Indian Manufacturing Companies”. Basically, Mergers and Acquisitions are corporate strategies for achieving faster growth. Mergers and Acquisitions (M&A) are the inorganic growth strategies which have got its significance in today’s corporate world due to intensely competitive business environment. M&A have grown not only in volume but also in value. The research objective of my thesis is to observe performance of M&A particularly with reference to manufacturing companies in India.
me : You have written a book called "Shades of Love and Life", tell something about it?
 nmleepsa.iitk :Sometimes we feel to express our love to the person who makes us feel like being in love with life. The person who makes us alive and everything in surrounding seems like being in harmony taking us to a different world. We feel the heaven on the earth. But either we fear to express them in thought of losing them or express them after losing them. Sometimes we express them through our eyes thinking that they would understand them or sometimes we express them opening the words of heart in front of them. This poem book is an attempt to express these emotions, feelings and thoughts of all those persons who have spent some part of their life in the world of love. The sad part of life is sometimes love happens only to those who do not love us. We love someone who does not love us and they loved someone who did not love them back. This is the sad part of life but still life goes on and still we believe in love. This is luck which we name as destiny. This book is a collection of plethora of such emotions, feelings, memories of love and life, touching people of different walks of life.  It is a collection of around 80 poems.  The book released on 1st October 2012.

 The details of the book are in the following four links-

In flipkart - http://goo.gl/Pabal, In amazon- http://goo.gl/H2yQZ

In
cyberwit - http://goo.gl/sv1mX,  In Shefari- http://goo.gl/V05aE


me : If I compare you with Shobhaa Dey how you will react to the situation?

nmleepsa.iitk : At first, I would ask you, “Why”?

I would like to know why you would compare me with her not other authors. One of my friends once named me, “Next Arundhati Roy”, when I wrote a long mail on culture. So, I am curious to know, from the crowd of different writers, why you chose her name.

I am naive in the field in writing. I am a poet in the making. But she has already earned so many milestones as an author, columnist, and blogger. I would like to praise her to the skies for her every achievement.

Wednesday, March 21, 2018

Dynamics of Financial and Economic Research



Everything around us is some way or another related to finance and economics. In recent years, financial and economic research is a topic of interest among developed and developing countries due to rapid change in the financial environment. There is a need for an individual’s knowledge of financial concepts and their ability to use that knowledge to make critical decisions in the money management process. Knowledge of finance and economics is in the areas of investment management, retirement planning, general money management, and credit management. Consumers’/investors’ should have an understanding of financial products and concepts and have the ability and confidence to appreciate financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being. This will bring change in individual’s financial investment behavior, such as obtaining debt, participation in the stock market, investment in mutual funds or savings in banks, accumulation of wealth and properly managing it, making proper retirement plans such as investment in pension schemes, investment in risk management products such as insurance. Thus, research in finance helps individuals, investors, financial and economic analysis & experts to judge how the financial industry is changing and trending. In a company, financial research helps to determine its future goals as well as the performance by the department and as a whole. Financial research has gained importance because there is series of uncertainty and risk involved in the market affecting the industry. Financial research can contribute towards guiding sound investment decisions, Greater risk management techniques and the optimal allocation of assets. This will help managers to take their company out of risk and make their earnings stable and sustainable. The aim of this edited volume is to provide a platform for researchers, practitioners, academicians, and professionals from diverse domains of finance to share innovative research achievements & practical experiences to stimulate scholarly debate in the development of finance and its major areas. The aim of this book is also to disseminate research results within the financial industry so that related parties can handle situations such as a financial crisis, environmental catastrophes, mass poverty, inequality, economic and political conflicts and help them to do their responsibilities effectively.

N.M. Leepsa 
Abdul Rahman





Tuesday, March 20, 2018

My childhood extra curricular activities

EXTRACURRICULAR ACTIVITIES:
  • 2008: Won Fourth CSR Super Brain Essay Contest 2008 on “India: The Fast Emerging Space Power”
  • 2008: Awarded Prof. Suryakant Dash Memorial Prize for securing the First position in M.Com organized by M.Com Annual function Frenzy 2008, P.G.Department of Commerce, Utkal University, Bhubaneswar, Orissa
  • 2008: Won 3rd Prize in Vira Surendra Sai-Subhash Chandra Bose Jayanti Utsav English Essay Competition organized by Vira Surendra Sai Yubak Sangha Vira Surendra Sai-Netaji Prativa Puraskar
  • 2007: Won 1st Prize in State level Vira Surendra Sai-Subhash Chandra Bose Jayanti Utsav  English Essay Competition for College Level organized by Vira Surendra Sai Yubak Sangha
  • 2007: Participated in Comm Vision organized by Department of Commerce, Osmania UniversityHyderabad
  • 2007: Awarded Sarat & Pramilla Pattnaik Memorial Prize for securing the First position in M.Com-I organized by M.Com Annual function Frenzy 2007, P.G.Department of Commerce, Utkal University, Bhubaneswar, Orissa
  • 2007: Awarded First Prize in Idea and Innovation organized by M.Com Annual function Frenzy 2007, P.G.Department of Commerce, Utkal University, Bhubaneswar, Orissa
  • 2007: Awarded First Prize in Essay competition organized by M.Com Annual function Frenzy 2007, P.G.Department of Commerce, Utkal University, Bhubaneswar, Orissa
  • 2006-07: M.Com Cultural Secretary, P.G.Department of Commerce, Utkal University
  • 2005-06: M.Com Assistant Cultural  Secretary, P.G.Department of Commerce, Utkal University
  • 2006: Won 3rd Prize in National level Vira Surendra Sai-Subhash Chandra Bose Jayanti Utsav English Essay Competition for College Level organized by Vira Surendra Sai Yubak Sangha, Orissa
  • 2005: Won 3rd Prize in State level Vira Surendra Sai-Subhash Chandra Bose Jayanti Utsav English Essay Competition for College Level organized by Vira Surendra Sai Yubak Sangha
  • 2005: Won 3rd prize in English Essay Competition  organized by M.Phil Annual Function, P.G.Department of Commerce, Utkal University, Bhubaneswar
  • 2005: Participated in Debate Competition 2005 organized by M.Phil Annual function, P.G.Department of Commerce, Utkal University, Bhubaneswar
  • 2005: Participated in Extempore Competition organized by M.Phil Annual function, P.G.Department of Commerce, Utkal University, Bhubaneswar
  • 2005: Participated in Quiz Competition organized by M.Phil Annual function, P.G.Department of Commerce, Utkal University, Bhubaneswar
  • 2004: Won 3rd Prize in State level Vira Surendra Sai-Subhash Chandra Bose Jayanti Utsav  English Essay Competition for College Level organized by Vira Surendra Sai Yubak Sangha, Orissa
  • 2005: Won 3rd Prize in English Essay Competition for College Level on Maa Ramadevi organized by Student’s Union Ramadevi Women’s Autonomous College, Bhubaneswar
  • 2002: Won 2nd Prize in State level Vira Surendra Sai-Subhash Chandra Bose Jayanti Utsav English Essay Competition for College Level organized by Vira Surendra Sai Yubak Sangha, Orissa
  • 2001: Won 2nd Prize in State level Vira Surendra Sai-Subhash Chandra Bose Jayanti Utsav  English Essay Competition for College Level organized by Vira Surendra Sai Yubak Sangha, Orissa
  • 1997: Won 2nd Prize in Drawing Competition Vira Surendra Sai-Subhash Chandra Bose Jayanti Utsav organized by Vira Surendra Sai Yubak Sangha, Orissa
  • 1997: Won Third Prize in Shot Put organized by Children’s Centre of Integral Education, Bhubaneswar, Orissa
  • 1996: Awarded Certificate of Merit for Painting Competition-1995 (Group-B) in Annual Flower Show 1996 organized by Plants Lover Association, Bhubaneswar, Orissa
  • 1995: Awarded First Prize in Oriya Essay competition organized by Children’s Centre of Integral Education, Bhubaneswar, Orissa
  • 1995: Awarded Second  Prize in English Debate competition organized by Children’s Centre of Integral Education, Bhubaneswar, Orissa
  • 1995: Successfully Completed Rashtriya Bhasa Prabesh Parirksha
  • 1995: Awarded Certificate of Appreciation for participating in a painting competition organized by Dharitri on occasion of UNICEF's  5oth year of celebration, Bhubaneswar, Orissa
  • 1995: Awarded Certificate of Merit on occasion of Birth Anniversary of Late Prime minister Smt. Indira Gandhi organized by District Youth Congress (I), Bhubaneswar, Orissa
  • 1994: Successfully Completed Rashtriya Bhasa Prathamik, Rashtriya Bhasa Prarabik Parirksha
  • 1994: Awarded second prize for excellence in Dip-N-Paint Febicryl Contest organized in Pidilite Industries Ltd, Bombay
  • 1994: Awarded First Prize in Fine Art competition organized by Children’s Centre of Integral Education, Bhubaneswar, Orissa
  • 1993: Awarded First Prize in Fine Art competition organized by Children’s Centre of Integral Education, Bhubaneswar, Orissa
  • 1993: Awarded Second Prize in Spoon & Potato Race, a competition organized by Children’s Centre of Integral Education, Bhubaneswar, Orissa
  • 1992: Awarded Third Prize in Sports Event ‘Greenlight Redlight’, a competition organized by Children’s Centre of Integral Education, Bhubaneswar, Orissa
  • 1991: Awarded Third Prize in Sports Event ‘Bursting Balloon’, a competition organized by Children’s Centre of Integral Education, Bhubaneswar, Orissa

Thursday, March 8, 2018

She is You


Orginal Poem:


Curling her hair like flowering the vine
Her beauty grows every day as old red wine

Gliding her face up like touching the sky
She dreams to go up high as a kite to fly

Rolling her hips like an erotic dance
She makes her moves as it’s her last chance

Smiling with her lovely lips like she saw heaven on earth
Full of sanguinity as a lovely charming face from birth

Tapping hands like thunder clapping
Creating music as the resonances of rainwater dropping

Twirling ribbon like painting a rainbow
Winning hearts as a girl on fire with her flips that bow

Waiting for rain like a many-hued peacock
She is priceless as a dazzling precious diamond rock

Waving hands like a pageant queen
Flawless look as a white rice with imperfection unseen

Walking on streets like floating in clouds
Forever youthful as a beautiful girl differentiated from crowds

Love her curling, gliding rolling, smiling, tapping, twirling, waiting, waving, walking
She is a pretty girl,  but you don’t be sad because
Baby, she is you,

Only you

Copyright@N.M.Leepsa

Reach her at https://www.facebook.com/Leepsa.writer/

Tuesday, February 20, 2018

Merger Performance: The Marriage between SAIL and MEL.

Merger Performance: The Marriage between SAIL and MEL.

  • Source: Amity Management Review . Jun-Dec2012, Vol. 2 Issue 2, p69-79. 11p.
  • Author(s): Leepsa, N. M.
  • Email: n.m.leepsa@gmail.com 
  • Abstract:The purpose of the study is to analyze the financial performance of Steel Authority of India Ltd (SAIL) after merger deal with MEL. The financial statements are analyzed for pre and post-merger five years (2000-2010) by using seven financial ratios. The accounting approach uses accounting measures and productivity measures of financial statements to evaluate the M&A success. In spite of creation limitations, accounting ratios are considered as reliable and convenient for making analysis since financial statements are audited. Ratio analysis is employed as is considered as a convenient technique to make a quantitative analysis of companies' performance. The results show that the financial performance of SAIL in terms of profitability, liquidity and solvency has improved after the merger. It indicates that merger deals improve the financial performance of companies. The limitation of the study is that it only focused on the financial aspect of merger but ignores which factor have impacted the deal's success and failure. Study can be made by controlling factors affecting steel industries. It would enable the organizations to have a choice between organic and inorganic growth strategy. Case based research on pre and post merger on steel companies is made which is few as far as knowledge is concerned. This paper is an attempt to look into a specific deal by which it would make deep understanding of merger performance in India.

Sunday, February 11, 2018

Abstracts of Some Past Research

Abstracts of Some Past Research


Leepsa, N. M. & Mishra, C. S., 2014. Return from Indian Acquisitions: Does Deal Size Matter?
Co-author: Dr. Chandra Sekhar Mishra, VGSoM, IIT Kharagpur

Mergers and acquisitions are the corporate growth strategy that has grown in recent years. The performance of companies in post-acquisition period is influenced by various factors; one of the factors which remain explored is deal value. This paper attempts to investigate the post-acquisition performance of manufacturing companies in India based on their deal size-small and large deal size. Performance is evaluated on profitability parameters (return on capital employed, return on net worth, return on assets) of the company in pre and post-acquisition three years using paired t-test and Wilcoxon signed rank test. It is found that for the variable ROApost12 and ROApost123, the post-acquisition performance is positive for large deals while negative for small deals. There is no difference in ROApost1 performance in pre and post-acquisition performance in case of small deals while negative performance in ROApre1 in the post-acquisition first year. For the rest variables, ROCE and RONW, the large and small deals perform in a similar manner, but the results of large deals are more significant than small deals.

Leepsa, N. M. & Mishra, C. S., 2014. Stock Price Returns of Manufacturing Companies in India in Post M&A Period
Co-author: Dr. Chandra Sekhar Mishra, VGSoM, IIT Kharagpur

Mergers and acquisitions are those corporate growth strategies which are taken by the companies to position their business in top among their competitors. As a part of business strategy, these are those investment decisions which contribute various economic/financial or non-economic /non-financial advantages to the shareholders, customers and employees related to the firm. Business combinations through mergers or acquisitions, helps the companies to use their complementary physical and human resources that make use of their competence and brings competitive advantage of the company among the rest of companies. In the changing face of competitive business environment, companies in India and around the world are using this M&A as growth strategy. This paper investigates the pre and post M&A stock price performance of listed manufacturing companies in India. For the purpose, one year before and one year after M&A is taken to analyse performance and know immediate impact of M&A. Performance is also analysed using average of two year before and after M&A. The period of study is from 1997 to 2011 taking the acquirers gone for M&A deals during the period from 1st January 2000 to 31st December 2008.  It is found that in majority of cases (56%, i.e. 67 out of 139 acquirers); the companies have shown positive return in terms of market price in both one year as well as two year after M&A.

Wealth Creation through Acquisitions
Co-author: Dr. Chandra Sekhar Mishra, VGSoM, IIT Kharagpur

Mergers and Acquisitions (M&A) are considered as the engines for accelerated and consistent growth for companies. M&A is more significant in today’s corporate world due to globalization, liberalization and intensely competitive business environment. The present study is an attempt to examine post M&A performance in manufacturing companies in India. ‘Economic value added’(EVA®), a registered trademark of Stern Stewart & Co and a measure of economic profit, is considered in evaluating the industry adjusted returns for the companies that have gone for acquisitions. In this article, we have evaluated using ‘‘paired two sample t tests whether there is any significant difference between the pre and post acquisition performance (in terms of rate of EVA or economic profit) in manufacturing companies in India. The scope of the study is limited to listed manufacturing companies in India that have gone for acquisitions deals during 2003–2004 to 2006–2007. We have taken 29 acquirer and target sample firms.

Winner and Loser of M&A Game: Evidence from Manufacturing Companies in India
Co-author: Dr. Chandra Sekhar Mishra, VGSoM, IIT Kharagpur

Mergers and acquisitions (M&A) have been widely used by companies around the world and have an ever-increasing presence in Indian business. Yet various academic and literature reviews show that there is no conclusive view on whether M&A strategies help in improving the performance or deteriorating the same. There are more of (loser) failure companies than success (winner) companies when they adopt M&A. This paper considers the M&A in Indian manufacturing companies and classifies them into success (winner) and failure (loser) cases based on improvement in return on net worth after three years post-M&A period.

Do Mergers & Acquisitions Pay Off Immediately?
Co-author: Dr. Chandra Sekhar Mishra, VGSoM, IIT Kharagpur

Mergers and Acquisitions (M&LAS) are the vital growth strategies of corporates in the scenario of globalization and liberalization to face competition and move ahead. M&A has grown not only in volume but also in value. It is often stated that the companies go for inorganic growth strategies like M&A to improve performance. There is no clear-cut support from the literature about the effect of M&A on corporate performance. As per various studies, companies perform either better or worse after M&As. But the question arises how long the effect of mergers and acquisitions remain on the companies. The present study is an attempt to find out the time frame for knowing the effects on performance of manufacturing companies from M&A. The results suggest that the impact of M&A on companies is reflected in the immediate years specifically the event year and the post-M &A one year.

Post-Acquisition Performance of Indian Manufacturing Companies: An Empirical Analysis
Co-author: Dr. Chandra Sekhar Mishra, VGSoM, IIT Kharagpur

Mergers and Acquisitions (M&A) is the inorganic growth strategies which have got its significance in today’s corporate world due to the intensely competitive business environment. While M&A is considered as one of the strategies for growth, the companies are expected to perform post-M&A so that those are proved to create wealth for shareholders. From the literature review, it is found that there is no conclusive evidence about the impact of M&A on corporate performance. Moreover, in recent period, M&A deals have gone up manifold. Hence there is a need to look into the post-M&A performance of companies. The present study is an attempt to find out the difference in post-acquisition performance compared with pre-acquisition in terms of profitability, liquidity and solvency. The scope of the study is limited to manufacturing sector companies in India. The statistical tools used are Paired Sample t-Test and Wilcoxon Signed Ranks Test. Here we have tested four hypotheses using eight financial ratios to know the (1) overall the Post Acquisition financial performances in manufacturing sector companies in India (2) performance of acquirer acquiring relatively large and small companies performance of large size companies and small size acquiring companies (3) performance of large Size companies and small size acquiring companies (4) performance of related acquisition deals and unrelated acquisition deal acquiring companies. We have taken 33 sample acquisition deals during 2003-04 to 2006-07 to evaluate their performance from 2000-01 to 2009-2010 for pre-acquisition three years and post-acquisition three years.

Crompton Greaves: A Case Study on What makes a Merger Successful
Co-author: Dr. Chandra Sekhar Mishra, VGSoM, IIT Kharagpur

Mergers and acquisitions (M&A) is the corporate strategies that help in achieving various financial, operational and revenue synergies that not only strengthen but also accelerate the growth of corporate firms. Like many other Indian companies Crompton Greaves, an Avantha Group company, has adopted M&A as a strategy and has possibly improved the corporate performance on all the fronts. In this case study, an attempt is made to analyze the M&A strategy of Crompton Greaves and post M&A performance by applying different financial metrics.

Merger Performance: The Marriage between SAIL and MEL

The purpose of the study is to analyze the financial performance of Steel Authority of India Ltd (SAIL) after merger deal with MEL. The financial statements are analyzed for pre and post-merger five years (2000-2010) by using seven financial ratios. Accounting approach use accounting measures and productivity measures from financial statements to evaluate the M&A success. In spite of creation limitations, accounting ratios are considered as reliable and convenient for making analysis since financial statements are audited. Ratio analysis is employed as is considered as a convenient technique to make a quantitative analysis of companies’ performance.
The results show that the financial performance of SAIL in terms of profitability, liquidity, and solvency has improved after the merger. It indicates that merger deals improve the financial performance of companies. The limitation of the study is that it only focused on the financial aspect of the merger but ignores which factor have impacted the deals’ success and failure. The study can be made by controlling factors affecting steel industries. It would enable the organizations to have the choice between organic and inorganic growth strategy. Case-based research on pre and post-merger on steel companies is made which is few as far as knowledge is concerned. This paper is an attempt to look into the specific deal by which it would make deep understanding of merger performance in India.

Merger Motives, Trends, and Post Merger Performance: Evidence from Electricity Companies in India

Mergers and acquisitions (M&A) in India are the outcome of globalization and liberalization. The factors that have triggered the volume of M&A are various economic factors like competitive environment, growth in gross domestic product, higher interest rates, and fiscal policies. Mergers and acquisitions have gained significance in the corporate world as an important growth strategy for both acquirer and target companies. M&A have mushroomed in almost all sectors like manufacturing, mining, construction sector, financial services, and services other than financial. M&A has also played an active role in the electricity sector in India. In this paper, we explore the current scenario of M&A in the Electricity sector and the factors driving the M&A. In particular, we investigated related and unrelated M&A deals, Public & Private companies go for the deal, year wise deals, and group affiliation deals in the electricity sector. The final sample is 32 deals i.e. companies where either acquirer or target with data availability. We also focused on the regulatory aspect of M&A in the electricity sector. The period of study is from 1st January 1990 to 31st December 2011. Our finding suggests that M&A in electricity is highly regulated and thus deals are made to survive in this regulated environment even though many deals are not one if compared to other sectors.

Performance Evaluation on Acquisition in India; A Case Study on ACC Limited Acquisition of Everest Industries

Mergers and acquisitions have gained its significance around the world. Therefore most of the research is carried out to find out whether they are value creating or value destroying in nature. Limited Studies are undertaken in respect of Indian merger and Acquisition cases. Most of the empirical studies are based on accounting approach or market approach. This paper made case study analysis using financial return method and market return method. Case study was undertaken for the deal ACC limited and Everest Industries limited. It is found that deal with ACC limited and Everest Industries Limited is a successful deal. The study is carried out for 18 years from period 31st March 1992 to 31st March 2010. The pre-acquisition and post-acquisition period is 9 years each (9 to +9).  Performance has been evaluated based on growth, efficiency, revenue generation and cost reduction of the acquirer and target firm after they went for M&A deals. Merger has helped in revenue increase and cost decrease.

Post-Merger Financial Performance: A Study with Reference to Select Manufacturing Companies in India
Co-author: Dr. Chandra Sekhar Mishra, VGSoM, IIT Kharagpur

Mergers and acquisitions (M&A) are the inorganic growth strategies which have got its significance in today’s corporate world due to the intensely competitive business environment. The present paper intends to study the trend in merger and acquisition (M&A) particularly with reference to manufacturing companies. While M&A is considered as one of the strategies for growth, the companies are expected to perform post-M&A so that those are proved successful. From the literature review, it is found that there is no conclusive evidence about the impact of M&A on corporate performance. Moreover, in the recent period, M&A deals have gone up manifold and regulations relevant for M&A have also undergone change. Hence there is a need to look into the trend of M&A and the post-M&A performance of companies. The present study is an attempt to find out the difference in post-merger performance compared with pre-merger in terms of profitability, liquidity, and solvency. The scope of the study is limited to manufacturing sector companies in India. The statistical tools used are descriptive statistics, paired sample t-test.

Entrepreneurial Opportunity in Educational Sector in Orissa
Co-Author-Prof. Pradyot Keshari Pradhan

In this article, initially, we have made SWOT analysis of the educational system in Odisha. We have linked the importance of education, the importance of higher education, privatization of higher education. Then we have discussed the FDI in the education sector and how economic reforms have put Orissa in the threshold of rapid growth with the role of state government in developing entrepreneurial opportunities in the education sector through privatization of technical and management institutions. We found that there is need of the ample number of employment opportunities but not employability because of lack of skilled manpower. Since many foreign players are finding Orissa as an attractive destination for industrialization it seems there will be the need for more and more number of technical personnel and will need the more educational center for technical and management studies. We have highlighted and explored the entrepreneurial opportunities in the educational sector where educational entrepreneurs have really gained by the commercialization of the institutions.

Entrepreneurial Opportunity in Online Business in Orissa
Co-Author-Prof. Pradyot Keshari Pradhan

Orissa has exquisite handicrafts such as Applique Work, Horn Work, Lacquer Work, Silver Filigree, Palm Leaf Writings, Paper Mache, Pattachitra, Pottery Work, Santhal and Saora Paintings. In this paper, we have suggested how due to increase in Internet users can create unlimited boundaries and exposures for the handicraft vendors if they create their website and do online business through e-business. We have discussed the means of finance to do online business for handicrafts and how they can earn profits through the virtual marketplace.  This study is basically to educate the villagers how they generate greater demand for the handicrafts by creating an attractive website and avoiding loss due to middlemen and lack of awareness to domestic and global prospective customers outside Orissa.

Value-Based Management-Valuing the Values: The Mechanics, Dynamics, & Indian Insights
Co-Author-Prof. Pradyot Keshari Pradhan

In this theoretical paper, we have dealt with the concept and historical perspective of value-based management. It has also highlighted the dynamics or implementation process of VBM. It has also reflected VBM inaction by various Indian Companies such as Tata Group, Reliance Group, Amul Co-operative, Birla Group, Ambani Group, Zee TV, Steel Authority of India Ltd, Bombay Spinning Mill, Mittal Steel, Infosys, World Tel, Life Insurance Corporation, State Bank of India and Hindustan Lever. This article is prepared to provide ideas on why and how to exercise value-based management on various stakeholders such as Organisation, Shareholders, Employees, Customers, Government and Community. The paper gives details on practices and procedure on value-based management in the Indian context and attempts to highlight the VBM in various parameters like Innovativeness,  Quality, and Depth of Management, Financial Performance, Ethics and Transparency, Quality of Product and Services, People  Practices & Talent Management and Global Competitiveness. Value-based management of selected Indian Companies is also discussed based on brand parameters like Image and perception, Brand awareness, Brand loyalty, Brand association and Brand performance.

Ecopreneurship: Making the World Better
Co-Author-Prof. Pradyot Keshari Pradhan

This article is a conceptual paper where we have discussed the nexus between entrepreneurship and Ecopreneurship. We have also highlighted the difference between the two terms and showed why there is a need to turn the goal from entrepreneurship to Ecopreneurship. The article attempts to reveal the gap between industrialization and environmental conservation and how a balance between entrepreneurship and clean environment schemes can be achieved. In this work, we have also discussed the benefits, principles, challenges of Ecopreneurship from various available past literature. A case of real-life ecopreneur is also discussed. The article concludes stating that if the entrepreneurs (ecopreneurs) develop environment-friendly business practices and products, it will save the mother earth and prevent the catastrophic destruction and make the world a better place to live in.

India’s Growth Vector: How Sustainable is the Service Sector Boom?
Co-Author-Prof. Pradyot Keshari Pradhan

In this article, an attempt is made to analyze the growing importance of service sector in the growth vector, to study how much service sector contributes to GDP in comparison with agricultural and manufacturing sector, to study how much each component of the service sector contributes to GDP, to analyze whether the service led growth will sustain in the future time to come. In this article, we have also thrown light on problems created by service sector boom, misconceptions about services sector, constraints to service sector growth. We have observed the service sectors such as IT & ITES Sector, Telecom Sector, Financial Services, Retail Sector, Travel and Tourism Sector, Aviation Sector, Media and Entertainment, Health Sector, Real Estate Sector. The positive and negative outlook of the service sector in India is discussed.

Successful and Sustainable Entrepreneurship: The Spider Strategy
Co-Author-Prof. Pradyot Keshari Pradhan

The term ‘Entrepreneurship’ is not a new concept as people have accepted that it is better to be self-employed than being employed by someone else. It has attracted the attention of academics, researchers, government etc for which most of the reputed institutes like IIMs and IITs are encouraging students to start their career as an entrepreneur. India has witnessed many entrepreneurs coming up. But due to lack of proper strategy they fail. This study is an attempt to discuss different strategies for Successful and Sustainable Entrepreneurship. The term ‘Successful’ is for the benefit for the entrepreneur and the term ‘Sustainable’ is for the benefit for people (or planet or plant) other than the entrepreneur. The study brings out Spider’s Strategy Model for Successful and Sustainable Entrepreneurship. In this article, we have made an attempt made to bring out the strategies for the success of entrepreneur from the lessons we learn from characteristics of spider which is described as “The Spider’s Strategy”. This is a conceptual paper where the model is built by taking into account different theoretical literature studied from different sources.
                                                                                                                                                                                
Performance and Perspective of Mergers and Acquisitions in Indian Chemical Industry


Mergers and acquisitions (M&A) have played important role in the growth and development of companies. M&A is done in almost all industries. Since most of the M&A deals are done in chemical industry, the present study is based on the chemical industry. The present study is an attempt to find out the current trends of M&A in the chemical industry in India, the objectives behind the M&A deals, success or failure of companies in M&A in the chemical industry by making performance evaluation through financial analysis. The financial performance of chemical companies has been evaluated based on the three parameters namely liquidity, solvency and profitability in the post-merger period. The findings show that mergers have no impact on the financial performance of the chemical companies.


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About Leepsa...writer by chance but write by choice

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Chandler, Arizona, India
N. M. Leepsa is a young writer, teacher researcher, painter. She was born in 1985 in Bhubaneswar, India’s eastern state of Odisha. Her parents Nabaghan Jena(Father ) and Madhabika Jena(Mother) raised her with utmost care to give her higher education and support her achieve whatever academic credentials. She did her schooling at the Children’s Centre of Integral Education, Bhubaneswar, Odisha. She attended Ramadevi Women’s College (B.Com), Utkal University (M.Com);Ravenshaw University (M.Phil) for her college studies. After this, she was inspired to pursue her PhD from Vinod Gupta School of Management, Indian Institute of Technology Kharagpur. Completing her studies, she joined as faculty of finance in LMT School of Management, Thapar University, Patiala, Punjab and then worked at School of Management, National Institute of Technology, Rourkela, Odisha. She is currently pursuing her professional courses at Grand Canyon University, USA. She can be reached at • Email: leepsa.writer@gmail.com, • Facebook Page: https://www.facebook.com/Leepsa.writer • Blog: http://nmleepsa.blogspot.com/.

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